Apple must repay $14.5 billion in underpaid taxes in Ireland

Apple's tax benefits in Ireland are illegal, and the company will have to pay up to €13 billion ($14.5 billion) in back taxes, plus interest.

That's the verdict European Commissioner Margrethe Vestager delivered Tuesday, wrapping up a two-year investigation of the company's tax affairs stretching back to 2003.

The investigation found that Apple's effective tax rate on profit reported in Ireland was just €500 per million euros in profit, falling to €50 per million in 2014.

"I would have a feeling if my effective tax rate were 0.05 percent, falling to 0.005 percent. I would feel that maybe I should have another look at my tax bill," she said.

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